There are many reasons why couples may choose to get a divorce at a later stage in their lives. Indeed, divorces cantake place for many of the same reasons attributed to younger breakups – including financial pressures, infidelity and more. Between 1990 and 2010, the divorce rate for people between the ages of 50 and older in the U.S. doubled according to a study by sociologists at Bowling Green State University, indicating that the further we move into the future, the more natural it is to consider divorce as a solution to an unhappy marriage. One thing I notice regularly about divorces that take place between older partners, is that there are a different set of concerns in play than the worries that might have taken precedence during divorce at an early stage. For instance, when seniors get a divorce, the main focus is on both the immediate and future financial security of those individuals. Child custody, parenting time, and child support might still be at issue. Often, however, with more mature couples, there are no issues regarding child support and child custody – as the children have grown into adults who can care for themselves. Instead, the primary issues are on things like the distribution of pensions and 401ks, the choice of whether a house is sold or kept, and whether maintenance, alimony or spousal support should be awarded.
In mature people and senior divorce cases, the financial issues can be particularly crucial because if both of the people involved are already retired, then there is less likelihood that either spouse will be in a position to create new assets or income. Even if one individual is still working, they may choose to retire and find that their earned income ceases. One of the first considerations in these divorce circumstances will often be maintenance. While many young couples agree to maintenance agreement that provides support for an ex for a shorter period of time, those exiting in long-term marriages might be seeking maintenance for a longer duration. The New York 2016 maintenance law does contain not only guidelines for maintenance amounts based on income, but it also has guidelines for the duration of post divorce maintenance. Continue reading ›